That's to answer the question directly about the $5k/house, can apply same logic to the -$1.2k/ house.

My fiancée and I purchased a small starter home (2 Bed-2 Bath New Construction)  approximately a year ago using an FHA loan.

Any input or feedback on a direct mail campaign would be greatly appreciated.

There are about a million and 1 directions this could go, if you want some helpful guidance I would let us know maybe goals short and long-term.... or what strategy you are looking at starting. 

I do have a small amount of experience in doing rentals in the past and we currently have two single family properties that bring in positive (but small) cashflow monthly. 

You carry an interest only mortgage for a small period of time and then pay it off at sale or at refi.If you go right into a 30 year DSCR then you are paying the loan back over 360 amortized over 360 payments.  

The best investors have a spread of investments generating big and small returns.

If it is a small enough house like this and I do have not much to do, I can just drop my 1hr exercise routine and 1hr lunch walk to do this.

Yes, you attract more people with an updated look. not sure they pay more, as the previous poster said look at direct competition.

This strategy is great, but it fluctuates depending on the time of year, you probably won't live for free because it is more challenging since you are only Airbnbing a small space or basement unit.4) MTR - this is a good in between style of creative strategies since you can furnish a place nicely that would rent out on Airbnb but you want a long-term high quality tenant like a travel nurse or corporate rental that stay for 2-3 months vs. under 30 days for most Airbnbs.Combining strategies is the best way to go, ideally, you would find a property with a separate entrance or walkout basement, live upstairs in the one of the bedrooms, rent out the other upstairs rooms and STR/MTR/LTR the bottom unit.